Obama Defends ACA Against 'Misinformation'

MSNBC
During an event at the White House, President Barack Obama decried “misinformation” about the law and urged parents not to be “bamboozled” by those critical of the law’s lingering criticisms about the 2009 legislation.  Flanked by female supporters, the president praised the legislation’s provisions, including new rules that eliminate price hikes relating to women’s health and allow young people to stay on their parents’ insurance plans for longer.
     “This is too important for political games,” he added. “Most moms and dads don’t think about politics when their kid gets sick.”
     The Affordable Care Act was passed in 2009 over the vigorous objections of Republicans, but most of its sweeping provisions are only beginning to be implemented now. The process of enacting the reforms has had a rocky start; bill drafter and Senate Finance Committee Chairman Max Baucus, a Democrat, warned that businesses confused about the law could face a “train wreck.”
     Obama conceded that “undoubtedly there will be some mistakes and hiccups as this thing gets started up” but that the program’s implementers are quickly responding to problems.
     Touting the legislation’s specific benefits to women, Obama reminded foes that the 2012 election results mean the “law is here to stay.”   READ FULL ARTICLE

Millions of Payday Loan Users Hooked

NBC
For Raymond Chaney, taking out a payday loan was like hiring a taxi to drive across the country. He ended up broke — and stranded. The 66-year-old veteran from Boise lives off of Social Security benefits, but borrowed from an Internet payday lender last November after his car broke down and didn’t have the $400 for repairs. When the 14-day loan came due, he couldn’t pay, so he renewed it several times.
     Within months, the cash flow nightmare spun out of control. Chaney ended up taking out multiple loans from multiple sites, trying to to stave off bank overdraft fees and pay his rent. By February, payday lenders — who had direct access to his checking account as part of the loan terms — took every cent of his Social Security payment, and he was kicked out of his apartment. He had borrowed nearly $3,000 and owed $12,000.
     “I’m not dumb, but I did a dumb thing,” said Chaney, who is now homeless, living in a rescue mission in Boise.
     Twelve million Americans take these types of high-interest, short-term loans annually. Most don’t have the cash to cover regular expenses and can’t turn to credit cards to cover a shortfall. Instead, they turn to what the Federal Deposit Insurance Corporation (FDIC) calls "Alternative Financial Services" — services outside typical banking systems that low-income consumers depend on, such as storefronts that offer check-cashing for people without bank accounts and high-interest payday loans.    READ FULL ARTICLE